Oil & Gas Corporate News
Victoria Oil & Gas (Under Review) (VOG, 3.6p, ? 0.14%) announced it has completed an equity placing of 292,307,687 new ordinary shares at a price of 3.25 pence per share, raising £9.5 million before expenses through Fox-Davies Capital Limited. The funds raised through the Placing will be utilised by the Company to complete the development of the Logbaba gas and gas condensate project in Cameroon following the increase in the Company's working interest in the project to 95%. It will also fund the final payment to acquire a one third interest in Cameroon Holdings Limited, announced in August 2011.
Xtract Energy (LON:XTR) (XTR, 1.23p, ? 2.0%) announced that Chevron expects the Noble Byron Welliver jack-up drilling rig to be on site at the P2 block in the Netherlands, over which Xtract has an overriding royalty interest, in October 2011 and intends to spud the first well (P2-10 appraisal well) in November 2011. The P2-10 appraisal well will target an existing gas discovery on the P2 block (P2-7) and one of the main objectives is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir. Xtract has an overriding royalty arrangement of up to 5% of the sales value from Chevron's share of gas delivered into the Dutch National Transmission System and Chevron condensate delivered onshore.
Europa Oil & Gas (EOG, 10.5p, ? 6.67%) announced an update to operations. The Company, together with its partners, is currently undertaking a 2D seismic acquisition programme on its Brodina and Cuejdiu blocks in Romania. In addition, the Voitinel-2 (to be named Horodnic-1) appraisal well (Europa 28.75%) is due to spud in the very near future. Voitinel-2 is a low risk appraisal well intended to prove a minimum gas in place number for commercial development, well below the upside potential for the play of 415bcf. The Company is also finalising an agreement with a farm in partner for the Brates Licence in Romania where it plans to deepen Barchiz-1, which was drilled in late 2010 but failed to reach the primary target. The anticipated terms of this farm-in arrangement will see Europa's future share of the well cost being fully carried up to an agreed cap. A further announcement on this project will be made in the coming weeks. In addition, the Company has received notification from…
